New South Wales Consolidated Regulations

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LEGAL PROFESSION UNIFORM LAW APPLICATION REGULATION 2015 - REG 9

Deposit of trust funds with Law Society--section 46 of the application Act

9 Deposit of trust funds with Law Society--section 46 of the application Act

(1) Out of the money that is paid to a general trust account kept by a law practice, the law practice must deposit with the Law Society, and keep deposited with the Society, an amount not less than the minimum amount calculated in accordance with clause 10.
(2) Money is taken to have been deposited with the Law Society if it is deposited in the name of the Society with an ADI nominated by the Society.
(3) Subclause (1) does not apply to a separate trust account kept on the instructions of a client for the exclusive use of the client.
(4) This clause does not affect any enforceable lien or claim that a law practice has over, or to, any money.
(5) Each principal of a law practice must ensure that reasonable steps are taken to ensure that the law practice complies with this clause.



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